What is a debt assumption?
Debt assumption is also defined in the law of obligations and describes the transfer of an existing debt. The transfer takes place between two parties, from a debtor to a new debtor. Until the guilt is fulfilled, it does not have to stay with one person, but can officially change responsibility. Thus, the actual or original debtor is free from debt while another takes over. In fact, the debt is considered as a transferable legal object and also the creditor can change. Thus, even someone who has an open claim against a debtor, this transferred to another.
Differences assignment and debt assumption
A creditor need not ask his debtor whether he may hand over the responsibility or whether the creditor can change. As a result, claims are routinely transferred or sold to others, as is customary in companies and companies. The debtor only has to be informed about the change of creditor, but there are no further claims. If, however, the debtor wants to transfer his debt, it certainly requires the consent of the creditor.
Types of debt assumption
There are two types of debt assumption. Once the liberating or private debt assumption and once the cumulative debt assumption. In the liberating or private takeover, the so-called old debtor is completely freed from his debt. The new debtor completely follows in the footsteps of the old debtor, with all rights and duties. In the case of a cumulative takeover, the existing debtor remains obliged. Both debtors thus remain joint debtors. However, this is not regulated by law, but of course as a joint debt. Legally regulated is only the liberating takeover and thus represents a disposition.
When does debt takeover take place in reality?
Why should someone take over the debt of another person, be responsible for it and be responsible for its fulfillment? In fact, this happens with real estate or loans and often also with spouses. For example, a real estate loan can run on a man who subsequently marries a particularly rich woman. This can now, to pay off the future common house, take the blame. Debt assumptions also occur when taking on contracts, such as when you take over the fitness contract of another person. Even if you take on a lease, which is usually difficult to cancel before the end of the time. Thus, it is not so rare that debts are transferred to another person. Of course, only if the new debtor has a certain benefit. So he may benefit from favorable interest from a contract or recognize other benefits.